The growing need for customer analytics in enhancing customer experience and loyalty, through predictive analysis
According to “Markets And Markets”, the customer analytics market is projected to grow from US$10.5 billion in 2020 to US$24.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period. The major factors driving the growth of the customer analytics market size include the need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.
The growing need for customer analytics in enhancing customer experience and loyalty through predictive analysis as well as personalizing marketing on the past data of the potential customers is driving the market growth. Customer analytics is highly used in the retail industry for the development of personalized communications and marketing programs. This may help to enhance customer experience and loyalty by knowing precisely which buyers are buying what products and personalizing marketing based on shopper data.
The main factor driving market growth in the forecast period is the growing demand for personalized customer service. Customers expect to be considered as individuals with unique interests, which has shifted the emphasis to personalized brand experiences. The continuing trend observed is the growing acceptance of customer travel analytics. It enhances the profitability of the customer’s acquisition, brand loyalty, and customer lifetime. The emphasis is on creating a unified view of the customer as they connect with a brand and personalize the experience of consumers through networks, locations, and always at the moment. Customer analytics will evolve from retrospective analysis to real-time, behavior-driven interaction to achieve this blended customer experience. Analytics of customer journey is the key to making this transformation.
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